There are no Dow stocks hitting 52-week highs. There are no Dow stock 52-week lows.

The Market

Premarket today, the Dow was indicated to open down -120 points.

Tuesday the Dow closed up +265.67 (+0.78%) at 34,156.69.

Year-to-date the Dow is up +3.05%.

Tuesday, (22) Dow stocks were up, none were at 52-week lows and none were at 52-week highs.

The Dow stock winners Tuesday were led by Microsoft (MSFT) 267.56 (+4.20%), Boeing (BA) 214.76 (+3.84%) and Chevron (CVX) 174.09 (+2.62%).

The Dow stock losers Tuesday were led by Verizon (VZ) 40.55 (-1.77%), Home Depot (HD) 325.20 (+1.24%) and Procter & Gamble (PG) 140.02 (-0.98%).

The 10 YR yield closed Tuesday at 3.653 (+0.97%) and the VIX at 18.66 (-3.96%). The 10 YR is currently at 3.640 (-0.60%) and VIX is at 18.90 (+1.29%).

The Fed chair again rolled out the word “disinflationary” during his remarks Tuesday at the Economic Club of Washington, as he acknowledged that price increases were starting to cool off. But his speech wasn’t so dovish. Knowing full well that markets were his primary audience, Powell said it’s going to take some time before things normalize – and that the Fed could keep raising rates if the data doesn’t show continued “disinflationary” trends. “These are the very early stages,” he said.

Microsoft (MSFT) on Tuesday announced that it would use ChatGPT, OpenAI’s buzzy artificially intelligent chatbot, to boost its Bing search engine and Edge internet browser.

President Joe Biden, in a feisty State of the Union address, urged Republicans to work with Democrats to help realize his economic vision. While that’s doubtful – House Republicans, led by Speaker Kevin McCarthy, are dead set on opposing the Biden agenda – Biden nonetheless laid out his vision for the economy and a likely run for re-election next year. Five key points stood out: A renewed push for a “billionaire’s tax,” a war on “junk fees,” a tougher antitrust posture, boosting labor unions and broadening a price cap on insulin.

Wholesale inventories due out at 10 a.m. ET. Economists are expecting a rise of 0.1% in December.

Mortgage rates continued to fall last week, and both current homeowners and potential homebuyers reacted swiftly. Total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.18% from 6.19%, with points falling to 0.64 from 0.65 (including the origination fee) for loans with a 20% down payment. That rate was 3.83% the same week one year ago.

Morgan Stanley upgraded American Express (AXP) to overweight from equal weight, saying that credit losses pose less of a risk given the company’s higher credit score customers.

Wells Fargo analyst Mike Mayo hiked his price target on Goldman Sachs (GS), noting the stock is undervalued relative to its peers.

U.S. futures are lower, European stocks are higher and Asian markets ended mostly lower.

The national average price of gasoline is down 1.2 cents at $3.445 per gallon.

Earnings Reports

Walgreens (WBA) reported earnings on 1/5/23 before the market open with $1.16, beating estimates of $1.145 per share.

JPMorgan (JPM) reported earnings on 1/13/23 before the market open with $3.57, beating estimates of $3.109 per share.

UnitedHealth (UNH) reported earnings on 1/13/23 before the market open with $5.34, beating estimates of $5.17 per share.

Goldman Sachs (GS) reported earnings on 1/17/23 before the market open with $3.32, missing estimates of $5.48 per share.

Procter & Gamble (PG) reported earnings on 1/19/23 before the market open with $1.59, beating estimates of $1.579 per share.

3M (MMM) reported earnings on 1/24/23 before the market open with $2.349, beating estimates of $2.28 per share.

Johnson & Johnson (JNJ) reported earnings on 1/24/23 before the market open with $2.22, missing estimates of $2.35 per share.

Travelers (TRV) reported earnings on 1/24/23 before the market open with $3.40, meeting estimates of $3.40 per share.

Microsoft (MSFT) reported earnings on 1/24/23 after the market close with $2.32, beating estimates of $2.27 per share.

Verizon (VZ) reported earnings on 1/24/23 after the market close with $1.19, missing estimates of $1.202 per share.

Boeing (BA) reported earnings on 1/25/23 before the market open with -$1.75, missing estimates of $0.05 per share.

IBM (IBM) reported earnings on 1/25/23 after the market close with $3.60, missing estimates of $43.60 per share.

Dow (DOW) reported earnings on 1/26/23 before the market open with $0.46, missing estimates of $0.569 per share.

Intel (INTC) reported earnings on 1/26/23 after the market close with $0.10, missing estimates of $0.201 per share.

Visa (V) reported earnings on 1/26/23 after the market close with $2.18, beating estimates of $2.007 per share.

American Express (AXP) reported earnings on 1/27/23 before the market open with $2.07, missing estimates of $2.183 per share.

Chevron (CVX) reported earnings on 1/27/23 before the market open with $4.09, missing estimates of $4.158 per share.

McDonald’s (MCD) reported earnings on 1/31/23 before the market open with $2.59, beating estimates of $2.455 per share.

Caterpillar (CAT) reported earnings on 1/31/23 before the market open with $3.86, missing estimates of $3.945 per share.

Amgen (AMGN) reported earnings on 1/31/23 after the market close with $4.09, beating estimates of $4.036 per share.

Honeywell (HON) reported earnings on 2/2/23 before the market open with $2.52, beating estimates of $2.487 per share.

Merck (MRK) reported earnings on 2/2/23 before the market open with $1.62, beating estimates of $1.56 per share.

Apple (AAPL) reported earnings on 2/2/23 after the market close with $1.88, missing estimates of $1.931 per share.

Disney (DIS) reports earnings on 2/8/23 after the market close.

Coca Cola (KO) reported earnings on 2/14/23 before the market open.

Cisco (CSCO) reports earnings on 2/15/23 after the market close.

Today’s Featured Dow Stock

Disney (DIS)

Disney (DIS) 111.63 (+1.60%) is up +28.49% in 2023.

Financial Calendar

07:00 AM ET MBA 30-Year Mortgage Rate, 6.19%
07:00 AM ET MBA Mortgage Applications (WoW), -9.0%
07:00 AM ET MBA Purchase Index, 184.3
07:00 AM ET Mortgage Market Index, 232.4
07:00 AM ET Mortgage Refinance Index, 466.6
09:15 AM ET FOMC Member Williams Speaks
10:00 AM ET Fed Vice Chair for Supervision Barr Speaks
10:00 AM ET Wholesale Inventories (MoM) (Dec), 0.1%, 0.1%
10:00 AM ET Wholesale Trade Sales (MoM) (Dec), -0.3%, -0.6%
10:30 AM ET Crude Oil Inventories, 2.457M, 4.140M
10:30 AM ET EIA Refinery Crude Runs (WoW), -0.020M
10:30 AM ET Crude Oil Imports, 2.593M
10:30 AM ET Cushing Crude Oil Inventories, 2.315M
10:30 AM ET Distillate Fuel Production, 0.100M
10:30 AM ET EIA Weekly Distillates Stocks, 0.097M, 2.320M
10:30 AM ET Gasoline Production, 0.612M
10:30 AM ET Heating Oil Stockpiles, -0.328M
10:30 AM ET EIA Weekly Refinery Utilization Rates (WoW), 0.7%, -0.4%
10:30 AM ET Gasoline Inventories, 1.271M, 2.576M
11:00 AM ET Thomson Reuters IPSOS PCSI (Feb), 50.23
12:00 PM ET WASDE Report
13:01 PM ET 10-Year Note Auction, 3.575%
13:45 PM ET Fed Waller Speaks